Visa to Cut 7% of Workforce; CEO Says AI Is Changing the Way Work Gets Done

【Financial News New York=Reporter Lee Byung-chul】 Visa, the world’s largest payment network operator, is moving ahead with an organizational overhaul centered on artificial intelligence (AI). The company will cut 2,600 jobs, or about 7% of its workforce, while increasing investment in growth areas such as AI, stablecoins and cross-border payments.
CNBC reported on the 28th, citing an internal memo, that Visa plans to lay off about 2,600 employees. The cuts will mainly affect the Technology and Product divisions, and those employees will be informed starting today about the next steps and outplacement support programs.
In a memo to employees, Chief Executive Officer (CEO) Ryan McInerney said, "To seize the opportunities ahead and help Visa lead the pace of change, the way we work must continue to evolve." He added, "AI is accelerating that change and is transforming the way Visa gets work done."
The layoffs are seen as another sign of the AI-driven automation wave spreading across the financial industry. Financial firms have recently been using generative AI to automate technical work such as software development, product development and customer support, while also adjusting headcount that expanded rapidly after the COVID-19 pandemic to improve cost efficiency.
Visa had about 34,100 employees at the end of the last fiscal year. The company acknowledged that AI is one of the important factors behind the restructuring, but said it is not the only reason for the job cuts.
Visa plans to channel the resources freed up by the layoffs into future growth areas. The company said its key growth businesses include expanding its affluent customer base, cross-border payments, business-to-business payments, stablecoins and overseas markets.
In particular, its strategy to develop stablecoins as a next-generation payments infrastructure aligns with recent trends in the U.S. financial sector. As traditional payment companies expand investment in blockchain-based payments and digital assets, competition between card companies and fintech firms is expected to intensify further.
CEO McInerney said, "Thanks to the strategic choices we have made over the past few years, Visa is entering a new era of commerce with real growth momentum." He emphasized the company’s solid performance and high customer satisfaction.




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